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Brazil’s Petrobras raises fuel prices

Brazil’s state-run oil company Petróleo Brasileiro SA said it will raise fuel prices across the country with immediate effect.

Petrobras, under a new administration, will raise gasoline prices by 6% and diesel prices by 4% at its refineries, the company said in a news release late Tuesday. Any change to prices at the pump is still unclear, as they are set by gas-station owners.

Petrobras needs to import gasoline and diesel fuel to meet domestic demand. The weakening of the Brazilian currency, the real, against the U.S. dollar has made those imports more expensive.